Transactions hit a six-year low

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Registered property transactions fell 7.73 per cent to 4,608 in December, the lowest monthly level in six years, according to Centaline Property Agency.

The company attributed the decline to sluggish trade in home purchases and the Lunar New Year holidays.

Total value of transactions amounted to HK$12.5 billion, down 32.8 per cent from the previous month. The decrease in value was larger due to the inclusion of more transactions involving smaller lump-sum properties.

Centaline said both primary and secondary residential sales had recorded declines. Developers had slowed down sales in the face of weakened sentiment.

There were 3,400 second-hand residential transactions worth HK$20 million or less each, down slightly from November's 3,543.